Could this plan make me a millionaire by trading forex?
March 10, 2010 by IM Strong
Filed under Forex Trading Strategy
I am going to be 18 in 17 days and I have a practice forex trading account that my brothers set me up with FX Express a few months ago. I have discovered that by using 1:100 leverage and setting the recommended stop-losses are too low and I think its the worst way to go about trading forex for me. I even think that setting the recommended stop-losses is too low anyway.
What I have been doing however is to set my leverage to 1:25, and my stop-losses to the value of all my trading capital, and if neccessary, more than my investment, but I don’t need to do that yet anyway, and its been working out everytime I trade forex at me gaining 10%+ everytime I place a trade. Also its always been done on my favourite currency pair; GBP/USD.
What I’d like to know is if I continue to follow my rules and keep up with my self-made forex trading strategy and style, could I become a millionaire if I keep on winning like this with real money?
ok disregard the last post but i do think your trading strategy will lead you to whip out your account its dangerous to trade that way but do agree that the recommended stop losses are to low especially if you dont have much money now im not sure how long you been on your demo account i do belive you need to stay on your demo a bit longer until you learn to trade a system that fit you and your personality trade as if you had real money on the line and until you can trade without temptation,greed and have counted out your account killing move your not ready but keep at any has nothing to do with your age a lot of "pros " still dont know how to trade successfully but keep in mind your goal shouldn’t to be a millionaire but to master a system and not lose make pips remove all thought of getting rich quick those thats will hold you back but it will happen in no time before you know it,,,, may the pips be with you
MVD34 on Wed, 10th Mar 2010 3:55 am
Nope.
The best way to become a millionaire is to start with a million dollars. Barring that, nothing is guaranteed.
The question you really should be asking yourself is this: If it is that easy for a teenager to become a millionaire, why isn’t everyone doing it? (or already a millionaire)
The answer is that it isn’t that easy and you will be wiped out long before you are worth 6 figures, let alone 7. The odds that a 18yo has an edge over the professional masses are so astronomically low that you might as well bet as if it is impossible.
(Don’t feel bad. The odds that a 35 year old amateur has an edge over the professional masses are also low enough to be dismissed…esp in FX and particularly with the application of leverage)
References :
Anonymous on Wed, 10th Mar 2010 4:29 am
ok disregard the last post but i do think your trading strategy will lead you to whip out your account its dangerous to trade that way but do agree that the recommended stop losses are to low especially if you dont have much money now im not sure how long you been on your demo account i do belive you need to stay on your demo a bit longer until you learn to trade a system that fit you and your personality trade as if you had real money on the line and until you can trade without temptation,greed and have counted out your account killing move your not ready but keep at any has nothing to do with your age a lot of "pros " still dont know how to trade successfully but keep in mind your goal shouldn’t to be a millionaire but to master a system and not lose make pips remove all thought of getting rich quick those thats will hold you back but it will happen in no time before you know it,,,, may the pips be with you
References :